Detroit Approves Millions In Tax Breaks For Downtown Project

DETROIT — Detroit City Council on Tuesday approved millions in tax breaks for downtown's District Detroit development, which is a project backed by the Ilitch family and billionaire developer Stephen Ross.

The proposal was passed unanimously without much discussion and will save Ilitch and Ross nearly $51.8 million on property taxes over the next 10 years.

The deal plans to turn four properties on Woodward Avenue into new affordable housing units, hotel rooms and office and public space. The Fox Theatre was also included in the deal. It's likely developers will add hotel rooms to space above the theater.

Officials said developers hope to start construction sometime this year. Officials promised the deal would bring new jobs and economic growth.

The deal is also part of a larger $800 million tax break city council approved in March for the total $1.5 billion District Detroit development project.

"We thank the Detroit City Council, Mayor Duggan, the Neighborhood Advisory Council, and all of the Detroiters who support the future of The District Detroit and the inclusive economic impact that this project will have on our city and state, including thousands of jobs and much needed affordable housing," Olympia Development of Michigan and Related Companies said in a statement. "We look forward to continuing our work with the Neighborhood Advisory Council, City of Detroit and the State of Michigan."